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Saturday, May 13, 2017

Singapore cleantech startup now valued at $143m after raising funding

Sunseap, dubbed Singapore’s largest renewable energy provider, today announced that it has raised US$4.8 million in funding to fuel its expansion plans.

The amount serves as the “first phase” of a targeted US$75 million series C round. It brings the company’s valuation to US$143 million, among the top 10 in Southeast Asia, according to the Tech in Asia database.

The financing was led by ISOTeam Limited, which subscribed to US$3.6 million worth of Sunseap preferred shares (such shares have no voting rights but get the highest priority in terms of cashing out in the event of an exit or dissolution).

ISOTeam specializes in upgrading, retrofitting, and doing maintenance works in many of Singapore’s public housing estates and one of its missions is to advance Singapore’s vision for eco-friendly buildings. “They will no doubt add value to Sunseap’s business,” said co-founder Lawrence Wu.

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